Telekom Srbija now 100% state-owned
Directors general of Greek OTE and Telekom Srbija, Michael Tsamaz and Branko Radujko, today signed a contract on repurchase of the Telekom Srbija shares.
Thursday, 26.01.2012.
14:48
Directors general of Greek OTE and Telekom Srbija, Michael Tsamaz and Branko Radujko, today signed a contract on repurchase of the Telekom Srbija shares. The signing of the document, which entitles the government to full control over Serbia's telecommunications company, was attended by Serbian President Boris Tadic and Prime Minister Mirko Cvetkovic. Telekom Srbija now 100% state-owned The Greek operator will sell its 20 percent stake in Telekom back to the company, a state-owned former monopoly, for EUR 380 million, and the shares will also be transferred in the central registry on Thursday, with 80 percent of the Telekom shares in the ownership of the state and 20 percent belonging to the company itself. Telekom signed an agreement with consortium of banks on EUR 470 million worth of loan for the purpose of repurchase of its 20 percent stake. Out of the total amount of the loan, EUR 320 million is intended for the purchase of 20 percent of shares currently owned by Greek telecommunications company OTE, and EUR 150 million is to be set aside for refinancing of Telekom's previous loan. OTE and Telekom Srbija signed an agreement on repurchase of 20 percent of shares in Athens in 2011, and the Managing Board and the Association of Telekom Serbia Shareholders approved this transaction mid December. OTE purchased its stake in Telekom in 1997, at the same time as Telecom Italia bought a 29 percent stake. The amount of the two transactions totaled 1.56 billion German marks. Telecom Italia sold its stake back to the Serbian government in 2003 for EUR 195 million, leaving OTE as the sole minority investor. The negotiations with the Greek company started in summer 2011, following unsuccessful tender for the sale of 51 percent stake in Telekom Srbija. (Tanjug) Tanjug
Telekom Srbija now 100% state-owned
The Greek operator will sell its 20 percent stake in Telekom back to the company, a state-owned former monopoly, for EUR 380 million, and the shares will also be transferred in the central registry on Thursday, with 80 percent of the Telekom shares in the ownership of the state and 20 percent belonging to the company itself.Telekom signed an agreement with consortium of banks on EUR 470 million worth of loan for the purpose of repurchase of its 20 percent stake.
Out of the total amount of the loan, EUR 320 million is intended for the purchase of 20 percent of shares currently owned by Greek telecommunications company OTE, and EUR 150 million is to be set aside for refinancing of Telekom's previous loan.
OTE and Telekom Srbija signed an agreement on repurchase of 20 percent of shares in Athens in 2011, and the Managing Board and the Association of Telekom Serbia Shareholders approved this transaction mid December.
OTE purchased its stake in Telekom in 1997, at the same time as Telecom Italia bought a 29 percent stake. The amount of the two transactions totaled 1.56 billion German marks. Telecom Italia sold its stake back to the Serbian government in 2003 for EUR 195 million, leaving OTE as the sole minority investor.
The negotiations with the Greek company started in summer 2011, following unsuccessful tender for the sale of 51 percent stake in Telekom Srbija.
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